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Health Care Contribution Holiday

The Early Retiree Reinsurance Program (ERRP), a provision of the Patient Protection and Affordable Care Act (PPACA), enables GM to receive reimbursements for a portion of the costs of health benefits for early retirees and their spouses, surviving spouses, and dependents. GM may use these reimbursements to reduce current health care costs for plan participants.

GM has announced the receipt of the first reimbursement which the company in turn will pass on as a monthly health care contribution “holiday” (or reprieve of contribution payment) for eligible participants covered under the GM Health Care Program for retired employees. This program could provide a significant savings for GM retirees. Participants will have a $0 monthly contribution for the remainder of the 2011 calendar year (April 1, 2011 through December 31, 2011).

This program only applies to medical benefits for those retirees who are eligible for company contributions towards their health care coverage and does not apply to any COBRA medical coverage, self-pay, or sponsored dependent medical coverage, nor self-pay for dental or vision continuation coverage.

For those retirees and surviving spouses already enrolled in the 2011 GM Health Care Program for retired employees, there is no action necessary at this time to receive this monthly contribution holiday. The deduction from your pension check for health care premium will simply be discontinued for the rest of the year.

There will be a window where retirees and surviving spouses already enrolled in the 2011 GM Health Care Program for retired employees may elect to add eligible dependents not currently enrolled in their medical coverage. In addition, retirees and surviving spouses who are eligible to enroll, but elected not to participate in the GM Health Care Program for retired employees will have an opportunity to reconsider that election.

For new enrollees, enrollment elections for medical coverage must be completed between March 15, 2011 and March 31, 2011. New enrollees will be eligible for the monthly contribution holiday from April 1, 2011 through December 31, 2011.

Contact Mainstay Capital Management, LLC toll-free at 1-866-444-6246 for additional information or to discuss your personal situation in detail.